I believe art as assets no longer need to be owned a certain way or held for a very long time. If you think about it, art is one of the oldest assets in the world with possessions being bartered, bought and sold since the beginning of time. In our memory, it has sold in different categories at various levels and prices, to cover costs of death, divorce and/or bankruptcy. Or simply the desire for a change in fashion or heart.
The latest newsworthy one is the two-part Macklowe divorce sale of a collection gathered within a 50 year marriage – USD 670M for 35 lots was the total in November 2021 for part 1 (…yes you read that right,,if you do the math, each work is the price of a building or a flat depending on where you live and the total is the value of a public company,,,). Part 2 will be in May this year.
Because I am so excited to share my knowledge and passion in this field and hopefully ignite your personal, cultural and aesthetic interests, I will periodically send out notes like this just to keep things animated and interesting, gossipy and newsworthy. We might as well use this time to learn from each other and have fun in the art world, one of the most exciting businesses to be in.
If Bernard Arnault can combine a business brand and Basquiat by using his (Tiffany) blue Basquiat for Tiffany ads with JayZ and Beyoncé you know he’s onto something…